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UBS Next
UBS Next was formed in 2020 as UBS Group AG's dedicated strategic venture and innovation investment unit, anchored by a $200 million commitment from the...
UBS Next
UBS Next was formed in 2020 as UBS Group AG's dedicated strategic venture and innovation investment unit, anchored by a $200 million commitment from the bank's own balance sheet. Group Chief Operations and Technology Officer Mike Dargan oversees the initiative, which sits inside the bank's broader Group Technology organization rather than within a siloed venture arm — reflecting UBS's intent to use the portfolio as an extension of its own engineering and product roadmap. The unit invests globally, with activity concentrated in North America, Europe, and Israel. The strategy targets Series A through growth-stage direct investments and co-investments, with an explicit focus on fintech, enterprise software, wealthtech, capital-markets infrastructure, insurtech, cybersecurity, and digital assets. UBS Next's capital is deployed alongside traditional VC firms — the bank sees itself as a strategic co-investor, not a lead — and its value proposition to founders rests on UBS's incumbent distribution, client base, and willingness to serve as a design partner. Confirmed positions include Stake, the Australian digital brokerage, and Anyfin, the Stockholm-based consumer-credit platform (per the firm's announcements, 2020-2022). The geographic footprint spans Europe, Asia-Pacific, and North America, mirroring the bank's own operating divisions. UBS Next has committed and deployed its initial $200 million allocation across more than a dozen portfolio companies, though UBS does not report individual deal sizes or fund-level AUM on an ongoing basis. The team operates out of New York and Zurich. The initiative complements but remains separate from UBS's traditional principal investments group and its asset-management private-equity activities. In November 2023, UBS announced that the unit would continue its investment activity with an ongoing mandate, signaling integration into the combined UBS-Credit Suisse operating model after the acquisition closed (per UBS, November 2023). UBS Next's structural differentiator is its dual operating logic: it functions as both a financial investor and an internal procurement and partnership pipeline. Portfolio companies are selected based on their relevance to a specific internal business unit's technology needs, and UBS engineers often evaluate the product alongside the investment team. This "build, partner, invest" framework — common in big-tech CVCs but rare among global banks, which more frequently invest via third-party VC funds — gives the portfolio a slow, deliberate capacity to influence the parent institution's own technology stack over a multi-year horizon.
General information
Firm type
Asset Manager
Year founded
2020
AUM
$200M–$500M (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States; Zurich, Switzerland
Additional offices
Zurich, Switzerland
Principals
Mike Dargan
Group Chief Operations and Technology Officer
Sabine Keller-Busse
Group Chief Operating Officer and President UBS Europe, Middle East and Africa (former)
Sector focus
Frequently asked questions
Who runs investment decisions at UBS Next?
UBS Next sits under Group Chief Operations and Technology Officer Mike Dargan, who has executive oversight. Individual investment decisions are made by the dedicated UBS Next team, drawing on technical evaluations from business-unit stakeholders across the bank. The unit does not operate as a separate legal entity with its own investment committee independent of the group; it is an internal strategic program.
How does UBS Next source proprietary deal flow?
UBS Next sources deals partly through the bank's own technology procurement and engineering evaluations, which flag startups whose products could fill identified internal gaps. It also invests alongside traditional venture capital firms, leveraging relationships with VCs who bring standard deal flow. The combination of a potential enterprise design partner and a global distribution channel — UBS's wealth and asset management client base — provides the unit with inbound founder interest that a standalone corporate VC might not command.
Is UBS Next structured as a single family office or a traditional venture fund?
Neither. UBS Next is a corporate venture capital program funded directly from UBS Group AG's balance sheet — it is not a separate fund and does not manage outside limited-partner capital. It operates as an internal strategic investment unit rather than a third-party venture capital firm, and its portfolio is held on the bank's books.
Does UBS Next participate in fund commitments or only direct deals?
UBS Next makes direct equity investments and co-investments into early- and growth-stage companies. While UBS Group maintains separate third-party fund investment programs through its asset management, private equity, and principal investments divisions, UBS Next's announced mandate and public portfolio disclosures to date have been exclusively direct company stakes.
What investment stages does UBS Next typically target?
The unit targets Series A through growth-stage rounds, with a preference for companies that already have market traction and for which UBS can realistically serve as a design partner or early enterprise customer. It has not been active in seed or pre-seed stages based on its public portfolio, and it aims for meaningful minority positions alongside other institutional VC investors rather than control stakes.
How is UBS Next related to the broader UBS Group and does it invest for pure financial return?
UBS Next is a wholly-owned initiative within UBS Group AG's technology organization. Its mandate is strategic — identify and invest in fintech and enterprise software companies whose technology could be piloted, integrated, or distributed within UBS's wealth management, asset management, and investment bank. Financial returns are tracked but are secondary to the strategic procurement and partnership objectives of the program.
What is UBS Next's known posture on co-investments alongside external GPs?
UBS Next actively co-invests alongside traditional venture capital firms and typically does not lead rounds. The bank's general approach is to follow established GPs into deals, providing corporate strategic value as a counterparty advantage rather than price setting. This model aims to align UBS Next with market-based governance and valuation discipline while giving portfolio companies access to a major global financial institution.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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